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So what I can see on the 4H timeframe of the USDJPY is a very nice downtrend as seen from the downward trend line . If price respects this downward momentum, we can either see a retracement to the downward trendline.
Optimum entry level would be at 108.652. Stop losses will be at least 10 pips below the previous pullback at around 109.262 level. Maximum take profit levels would be at 105.187. For higher risk to rewards ratio, you can choose to trail your stop losses as soon as price passes the 107.83 level.
Current Risk to Rewards Ratio is 1:5.68 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
So what I can see on the 4H timeframe of the USDJPY is a very nice downtrend as seen from the downward trend line . If price respects this downward momentum, we can either see a retracement to the downward trendline.
Optimum entry level would be at 108.652. Stop losses will be at least 10 pips below the previous pullback at around 109.262 level. Maximum take profit levels would be at 105.187. For higher risk to rewards ratio, you can choose to trail your stop losses as soon as price passes the 107.83 level.
Current Risk to Rewards Ratio is 1:5.68 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
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